Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2006drilling progress report▲ Good
Operator confirms oil flowed into the Eagle North-1 lateral at 4,303 m, with gas readings rising from 2 to 550 units and 11 m of good oil shows to 4,308 m. It admits the well ran longer than planned. Another seven days are planned.
27 Apr 2006drilling progress report● Neutral
Partner Lakes Oil (15%) relays the operator's 26 April report of oil inflow and good oil shows in the Eagle North-1 lateral to 4,308 m. Nothing new for Sun's 10%.
18 Apr 2006drilling progress report▲ Good
Sun reports the 2H sidetrack landed in the lower Gatchell oil sands at 4,255 m with about 30 m of good oil shows, after the 4½ inch liner was cemented. A 320 m lateral to 4,600 m and a drill stem test follow. No flow result yet.
18 Apr 2006drilling progress report● Neutral
Operator reports the 4½ inch casing set at 4,281 m after good oil shows from 4,255 to 4,285 m, with the 320 m lateral next. Repeats up to 1,000 bopd if successful. Seven days of work planned; largely repeats Sun's same-day update.
18 Apr 2006drilling progress report▲ Good
Operator Victoria Petroleum reports the Eagle North-1 horizontal hit good oil shows in the target Gatchell sand from 4,255 m, drilling at 4,272 m. A 4½ inch liner is next, then the 320 m lateral. Up to 1,000 bopd is still anticipated if successful.
31 Mar 2006drilling progress report▼ Bad
After continued mechanical problems and hole deterioration, the Eagle North-1 horizontal was abandoned and a new sidetrack (2H) begun, with a window milled at 4,028 m. A gentler curve will land at 4,252 m, then a 320 m lateral ending within 30 m of Mary Bellocchi-1.
31 Mar 2006drilling progress report● Neutral
Operator confirms a new horizontal sidetrack from 4,028 m at Eagle North-1 after earlier drilling difficulties, using a gentler curve and a 4½ inch liner. The curve, liner and lateral are planned to take 15 days; up to 1,000 bopd is still anticipated if successful.
21 Mar 2006drilling progress report▼ Bad
Sun reports the Eagle North-1 horizontal is still at 4,131 m, delayed during the week by mud motor, MWD tool and mud circulation problems. Plan is now a roughly 300 m lateral then a drill stem test. No results.
21 Mar 2006drilling progress report▼ Bad
Operator Victoria Petroleum reports the same delay at Eagle North-1: down-hole equipment and mud circulation problems have held up the horizontal at 4,131 m. It repeats that up to 1,000 bopd is anticipated if successful.
13 Mar 2006drilling progress report● Neutral
Sun reports horizontal drilling resumed after rig mechanical matters were fixed, now at 4,131 m measured depth building the curve toward the Gatchell oil sands. A drill stem test will follow once the lateral is drilled. No results yet.
7 Mar 2006drilling spud● Neutral
Operator Victoria Petroleum starts a horizontal well from Eagle North-1 toward Mary Bellocchi-1, drilling about 1,000 ft through the oil sand with kick-off at 4,103 m. It says up to 1,000 bopd is anticipated if successful. Drilling of the sands is expected within about ten days.
28 Feb 2006drilling progress report● Neutral
Partner FAR relays the operator's 27 Feb update: Eagle North-1 is perforated and about five days of cleanup and nitrogen-assisted start-up remain before flow testing. Results are expected at the end of the week. Nothing new for Sun's 10%.
27 Feb 2006drilling progress report● Neutral
Sun reports the Eagle North-1 pay zone has been perforated and the well is being checked before unloading fluids to start oil flow, as was done at Mary Bellocchi-1 in 1986. Test results are promised at the end of the week.
27 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 casing was perforated at 4,142.8-4,152.3 m and 4,158.3-4,163.0 m, with about five more days of cleanup and nitrogen-assisted start-up before flow. Results are expected at the end of the week; no flow yet.
23 Feb 2006drilling progress report● Neutral
Sun says Eagle North-1 testing should start around 24-25 Feb. About 20 m (4,143.7-4,163.6 m) will be perforated for a five-day flow test, followed by a 300 m horizontal sidetrack if flow rates are adequate.
21 Feb 2006drilling progress report● Neutral
Operator repeats its 20 Feb update: casing at 4,217 m, preparing the blowout preventer, about four more days before flow testing. Up to 13.4 m net oil pay interpreted; no new results.
20 Feb 2006drilling progress report● Neutral
Partner FAR (15% of Eagle) relays that casing is run at Eagle North-1 and testing is being prepared, with up to 13.4 m net oil pay. Also reports a rig arriving for its separate Louisiana well; nothing new for Sun.
20 Feb 2006drilling progress report▲ Good
Sun reports 7-inch casing set at 4,217 m at Eagle North-1, with a five-day flow test to start after about four days of preparation. Further log work now gives up to 13.4 m net oil pay over 4,143-4,164 m, up from the earlier 7 m.
20 Feb 2006drilling progress report▲ Good
Operator confirms 7-inch casing cemented at 4,217 m at Eagle North-1 and flow-test preparation will take about four days. Repeats the revised interpretation of up to 13.4 m net oil pay over 4,143-4,164 m.
17 Feb 2006drilling result▲ GoodMajor
First look at the logs shows Eagle North-1 has about 7 m of net oil pay at 4,136-4,157 m, similar to the 1986 Mary Bellocchi-1 discovery well. Casing and a testing program follow next week; flow rates are still unknown.
17 Feb 2006drilling result▲ Good
Partner Lakes Oil (15% of Eagle) relays the operator's log result: oil saturation over 4,136-4,157 m with 7 m net pay, similar to Mary Bellocchi-1. Nothing new for Sun's 10% interest.
17 Feb 2006drilling result▲ Good
Operator Victoria Petroleum repeats that preliminary logs show oil in the Gatchell sands at Eagle North-1, with 7 m net pay over 4,136-4,157 m, similar to the 1986 Mary Bellocchi-1 well. Casing and a test over 8 days follow; up to 1,000 bopd is anticipated if a horizontal succeeds.
16 Feb 2006drilling progress report● Neutral
Sun reports Eagle North-1 reached final total depth of 4,219 m and is being electrically logged to assess the gas show at 4,167-4,175 m. Log results are expected within 24 hours to decide on testing.
16 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 reached total depth of 4,219 m and is pulling out to run wireline logs, with results expected in 12-18 hours. Repeats background; no new results.
15 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 4,184 m preparing to drill ahead, repeating the 4,162 m Gatchell sand gas show. Oil is unconfirmed until wireline logs run after reaching 4,220 m total depth.
14 Feb 2006drilling result▲ GoodMajor
Eagle North-1 hit the target Gatchell sand at 4,162 m as the seismic predicted, with a gas show peaking at 42 units over 8 background. No oil fluorescence was seen; the operator attributes this to drilling conditions. Logs are needed to confirm oil.
14 Feb 2006drilling result● Neutral
Sun relays that Eagle North-1 intersected the main Gatchell sand at 4,162 m with a gas show, but no oil fluorescence. The mud and drill bit are said to suppress shows. Wireline logs in 24-48 hours will decide whether it holds oil.
13 Feb 2006drilling progress report● Neutral
Partner FAR (15% of Eagle) repeats that Eagle North-1 is at 4,136 m (13,570 feet) drilling ahead toward target. Nothing new for Sun's 10% interest; no results.
13 Feb 2006drilling progress report● Neutral
Sun relays that Eagle North-1 is at 4,136 m, with the 4,145 m target and 4,206 m total depth expected within 5-6 hours, after which logging and coring follow. No results yet.
13 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 4,136 m in the sidetrack, close to the target (now given as 4,148 m) and 4,206 m total depth. Background repeated; no results.
